We Will Get Through This

This too shall pass!

This is a message of hope to reassure you that WE WILL GET THROUGH THIS!

The Covid-19 virus has impacted all of us, whether it’s by coming down with the sickness itself, becoming filled with anxiety from the news, or being out of work or out of a paycheck. We are all feeling it in some way. Unfortunately, many are not financially prepared to manage a contagious disease outbreak that furloughs them for several weeks. Being out of work for days is a very strong financial hit that many people can’t absorb.

I have learnt that in life, uncertainties that are out of our control will come. We, however, need to constantly remind ourselves that perspective must be maintained when situations are out of our control. Here are my thoughts on how best to navigate this difficult season we are in:

  1. Take care of the FOUR Walls: When the going gets tough like it is right now, your focus should be on the things you need to survive - the Four Walls: Food - enough to maintain your health. Utilities - keep the lights on and water running. Shelter - a roof over your head. Clothing - basic clothing, not label, not brand name. These are the necessities we need to keep going and survive another day.

  2. Get on a budget: If you have never done a budget before, now is the ideal time to put one together. A budget is simply a plan on where you would like your money to go. Without a budget, you really can’t make every penny stretch because you won't know how much money you have to work with. Plus, your budget will show you places where you can cut back and save money. Do get on a budget today if you haven't already done so. Start planning your spending!

  3. Needs before Wants: This is the time to focus on needs and where possible cut back on any unnecessary expenses. Wants are luxuries that are nice to have, they are not necessities. I paused my gym membership yesterday as I don't intend going to the gym until I feel it's safe again to do so. I have taken to running and long walks instead. Stop or pause any subscriptions you think you can do without. By doing this, you'll have extra free cash to put towards your emergency savings. These luxuries aren’t going anywhere. You can easily pick them back up once things stabilise and you have extra cash to spend again.

  4. Prioritise looking after yourself and stay connected: Follow the hygiene advise and create routines that ensure you have a ‘me time’ to yourself. You need time to unplug, relax and recharge (those with kids at home will concur with me on this). Look after your mental and emotional wellbeing. Social distancing does not prevent us from communicating with friends and family. Stay connected and keep in touch via the telephone, emails or social media platforms.

  5. Live in the present and never lose hope: Make every effort to stay in the present moment. Perhaps your worry is compounding and you're thinking far into the future with lots of ‘what if’ questions. Gently bring yourself back to the present moment. Happiness is possible only in the present moment. My social media post today is about not losing hope. There is always calmness after every storm; a tranquil period during which things improve after a difficult, chaotic, and stressful time. So hang in there, this storm will soon be over!

A big hug and much strength sent your way today. Be encouraged, WE WILL GET THROUGH THIS! ©LiftedFinance

Categories: life / wisdom
Oyenike Adetoye

About Nike

Oyenike Adetoye (aka Nike) is an impactful speaker, author and personal finance expert. A Chartered Management Accountant by profession. Nike is the Founder and CEO of LifTED Finance Consulting Ltd, a private financial firm that educates, coaches and supports people on their journey through financial fitness and wealth management.